The U.K Manufacturing PMI plummet to 47.9 in January

"The return to contraction of the manufacturing sector is a big surprise and represents a major setback to hopes that the UK economy can ... avoid a triple-dip recession," said Chris Williamson, the Markit economist who compiled the survey." A strong rebound is needed in March to prevent the sector from acting as a drag on the economy as a whole in the first quarter."